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Entrepreneur Definition Secrets to Success

  • Vision

  • Customer Needs

  • Execution

  • Risk Taking

  • Bias for action/drive

  • Passion

  • Credibility and Network

  • Persistence

  • Signature strength

  • Belief and focus on success

Something is not right with the entrepreneurs in this list. Too many companies closed down without making a success.

A new list is needed. Many of these principles are oxymoronic in perspective, in other words oxymoron is a figure of speech of word combination that contradicts.

Also, there is not a magic button you press to reach success.

 

If you try to abuse these principles as if they are the only principles, they will backfire on you.

 

Here is the most useful ten points compared with the old list of 1990.

 

  • cast. The purpose needs to be cast in stone.

  • Foresight = Context Sensitivity + Instinct. The explanation of Context Sensitivity is that you know what is going on around you. Instinct is your sixth sense. When you feel something is not right be very cautious. It can be something simple like somebody didn’t look you straight in the eye when you want to sign a contract, or he blushed when you asked him a pertinent question.

  • Don’t start executing for the sake of execution. Look at the bigger picture and work smarter than harder.

  • It is the risk mitigation not just risk taking. The collective brainpower in your company give you more input and you all follow the same path. Their collective intelligence can solve big problems in the company and changes are that the company can get very successful.

  • Take reflective actions and practice creative improvisation. Things are done differently at startup as to when your company is growing. More differently when your company is moving forward.

  • Not Obsession but passion and compassion. Are you a control freak? Are you married to your company? Do you have passion and compassion with the customers and people working for you?

  • Integrity = Credibility + Commitment + Courage. Once you lost your good name it will be very hard to get it back. People always remember the negative, hardly ever the positive.

  • Practice wise persistence. Sometimes life is against you and no matter how you persist, things just don’t work out. Know when to give up. With every failure you gain experience. Know why your company does not work. There are various stages to persist through. The startup phase with all his potholes and surprises, the funding stage, the product stage. It is all about persistence and staying in the ever changing market until you succeed.

  • What holds you back? Whenever you reach stagnation, you have to re-examine your winning recipe. Markets change everyday. Your recipe needs changing for you to proceed.

  • Don’t even think twice about your success. Success is a measure rather than a principle.

 

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